- Strengthens relationship with Sinopec and supports strategic investments in Kingdom
   - Scope includes potential collaborations across upstream and downstream businesses, engineering and construction, oilfield services, carbon capture and hydrogen
   - Companies to discuss new manufacturing hub to be located in King Salman Energy Park

Saudi Arabian Oil Company (Aramco) signed a Memorandum of Understanding (MoU) with China Petroleum & Chemical Corporation (Sinopec) covering multiple areas of potential collaboration between the parties in Saudi Arabia.

The MoU outlines pathways for strategic cooperation between Aramco and Sinopec and supports the long-term relationship between the two companies and their existing joint ventures in China and in the Kingdom.

Mohammed Y. Al Qahtani, Aramco Senior Vice President of Downstream, said: “We are delighted to be able to extend our relationship with Sinopec and leverage our mutual strength and reach while creating a path to bring our long-standing cooperation in China to our facilities in Saudi Arabia. This latest collaboration will help to further advance our strategic relationship with Sinopec into key areas of mutual benefit within the Kingdom.”

Yu Baocai, President of Sinopec Corp., said: “Aramco is a very important partner of Sinopec. The two companies have yielded fruitful collaborations and developed deep friendship over the years. The signing of the MOU introduces a new chapter of our partnership in the Kingdom. The two companies will join hands in renewing the vitality and scoring new progress of the Belt and Road Initiative and Vision 2030.”

The wide-ranging areas of potential cooperation include; assessing refining and petrochemical integration opportunities; engineering, procurement and construction; oilfield services, upstream and downstream technologies as well as collaboration across carbon capture and hydrogen processes.

The companies will also discuss the opportunities for the establishment of a local manufacturing hub in King Salman Energy Park.

This latest collaboration builds on existing joint ventures between the two companies, including Fujian Refining and Petrochemical Company (FREP) and Sinopec Senmei (Fujian) Petroleum Company (SSPC) in China, and Yanbu Aramco Sinopec Refining Company (YASREF) in Saudi Arabia.

About Aramco

Aramco is a global integrated energy and chemicals company driven by the core belief that energy is opportunity. From producing approximately one in every eight barrels of the world’s oil supply to developing new energy technologies, our global team is dedicated to creating impact in all that we do. We focus on making our resources more dependable, sustainable and useful, promoting stability and long-term growth around the world.

ABout Sinopec

Sinopec is the largest oil and petrochemical products supplier and the second largest oil and gas producer in China, the largest refining company and the second largest chemical company in the world. Its total number of gas stations ranks the second place in the world. It ranked the 2nd on Fortune’s Global 500 List in 2020.